You can take on investment partners, but then all expenses and proceeds are split pro-rata depending on the percentage of ownership for each partner.5.

Each with one vote (to avoid deadlock)Partner roles:  I do all of the work and both other partners are totally passiveUpfront capital:  5% from me, 95% split between the other two partners (47.5% each)Treated as a loan at 0% interest with no fixed payment scheduleCapital goes to:Purchase priceRenovations + bufferClosing costs1 year of CapEx reservesOwnership:  Each partner owns 1/3 of the LLC and propertyLoan payback:  50% of monthly net operating income goes to pay off the loan pro-rata based on invested capital %, 50% goes to cashflowCashflow:  Even 1/3s (after expenses and CapEx reserves)Upon sale or refinance:  Loan paid off first based on % invested capital.

So, if there is no written agreement in place and one person is covering the majority of the mortgage payments and rehab costs, that person would/should be entitled to the pro rata share of their contribution(s).

The expenses are then deducted in a pro-rata share on that schedule E.

Let's use some common terms in line with the discussion above:  8% preferred return, 75-25 pro-rata split of profits. 

@Jacob Casarez, If you've set up your tax records so that you actually report rental income and expenses and take pro-rata depreciation on the rental portion of your house then that portion of your house could be considered to be rental real estate and the 1031 exchange would be appropriate on that portion.Talk to your CPA, you may find that they have not treated your income that way and that in fact the whole house could fall under sec 121 primary residence exclusion.One thing I would caution is to make sure that your intent and vocabulary used are consistent with the intent and practice needed to qualify to use the 1031.  1031 exchanges are for property that has been purchased with then intent to hold for productive use in business, trade, or for investment.  

Would I be able to use the refi proceeds to essentially buy out the 50% ownership of the SDIRA, or would they have to be distributed between the SDIRA and the cash position pro rata?

Specifically, I would give 50% of the deal to capital contributions, and retain 50% of the deal for yourself.So, if you need $20k, you basically give out 50% of the deal pro rata to each contribution: 10k= 25%, 5k= 12.5%, 5k= 12.5%.In this scenario Family Member #1 would receive 12.5% and Family Member #2 would receive 25%.

I thought (since I had the wrong idea that GP gets some portion of equity until now just for being a GP) the GP will also share the monthly cash flow pro-rata on top of the asset management fee. 

Often this is 1% - 2% of the asset.3) Promote: Many sophisticated operators will pay their investors a "preferred return", and then once the preferred return is hit, then there will be a pro-rata split of the remaining funds.